|Day's Range||1,295.5 - 1,307.901|
|52 Week Range||1,295.4995 - 1,307.9008|
Gold markets rallied significantly during the trading session after the president of the ECB, Mario Draghi suggested that the ECB wasn’t above loosening monetary policy again. If that’s going to be the case, then it shows that central banks are still going to remain extraordinarily loose, putting an upward bias on precious metals.
Gold is trading up as well as other metals just ahead of the Federal Reserve 2-day meeting. Trump tweeted again.
Gold may be up for the session, but it’s actually trading at the mid-point of its wide, two-day range. Holding inside this range will be a sign of investor indecision ahead of the start of the Federal Reserve’s two-day meeting later today.
Investing.com - Gold prices pared gains on Tuesday after U.S. President Donald Trump confirmed he would meet with his Chinese counterpart, President Xi Jinping, at the G20 meeting next week, shining a ray of hope that trade discussions between the world’s two largest economies could advance.
In what was expected to be a busy week has turned into a bit of dud ahead of the FOMC as traders have taken a decidedly defensive posture. The S&P; 500 closed marginally higher but spent most of the day meandering aimlessly as both bulls and bears head for the side-lines.
Investing.com - Gold prices rose on Tuesday in Asia as traders awaited the highly-anticipated Federal Reserve meeting that is set to kick off later in the day.
Based on the current price at $1342.30, the direction of the August Comex gold futures contract into the extended close is likely to be determined by trader reaction to the short-term 50% level at $1342.90.
Gold markets went back and forth during trading on Monday as traders came back to work from the weekend. However, we have a major barrier just above us so it’s not a huge surprise that we haven’t been able to go anywhere. Of course, with the FOMC meeting and statement on Wednesday, the world of simply taking a break.
Gold prices stopped rising early in the third week of June. On Monday June 17th, the Troy ounce is trading at 1340.10 USD with the last week’s high being at 1362.20.
On Monday, gold prices are recovering from their lows following the release of a weaker-than-expected Empire State Manufacturing Index report. It came in at -8.6, well below the 12.1 forecast and 17.8 previous read. We’re not expecting major moves in Treasury yields or the stock market ahead of the Fed data on Wednesday, therefore, gold prices are likely to remain rangebound over the next two sessions.
Gold and other metals are trading in consolidation mode with losses. However, the positive uptrend remains on play as investors are awaiting for the FOMC.
Investing.com - Gold prices were little changed on Monday, losing steam after five consecutive sessions of gains as investors turned cautious despite expectations for hints at looser policy from the Federal Reserve on Wednesday.
The Dow lost 3 points, a negligible movement, by 9:51 AM ET (13:51 GMT), while the S&P; 500 rose 4 points or 0.2% and tech-heavy Nasdaq composite surged 47 points or 0.6%, reversing some of last week's underperformance.
In commodities, crude oil fell 0.7% to $52.17 a barrel after reaching an earlier high of $52.91. CFTC data showed the number of long speculative positions on oil had fallen to its lowest level since March last week after a seventh straight weekly drop. Gold futures slipped 0.6% to $1,337.15 a troy ounce while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was flat at 97.032.
Investing.com - Gold prices inched up on Monday ahead of the Federal Reserve’s latest monetary policy meeting later in the week, at which Fed Chair Jerome Powell was widely expected to lay the groundwork for rate cuts later this year.
The current economic expansion has just equaled with the longest boom in US history. Is that not suspicious? We invite you to read today’s article, which provides you with the valuable lessons from the 1990s expansion for the gold market and find out whether the US economy will die of old age.
As we mentioned last week, Gold should at minimum be on everyone’s radar if not in everyone portfolio. After the break of the psychological $1350, Gold is reclaiming its rightful status as a must-have asset in everyone’s investment portfolio.